Vivendi: Closing of the GVT Sale and Implementation of Previously Announced Distributions
May 29 2015 - 1:50AM
Business Wire
Regulatory News:
Vivendi (Paris:VIV) announced today that it has completed the
sale of 100% of its Brazilian telecommunications company GVT for an
enterprise value of €7.5 billion1, following the agreement signed
with Telefonica on September 18, 2014.
In total, Vivendi will have received €4.2 billion before tax
(estimated at €600 million), including the repayment of the current
account between GVT and Vivendi2.
The Group also received 12% of the share capital of Vivo
(Telefonica Brasil). It will exchange 4.5% of this interest for
8.3% of the ordinary shares of Telecom Italia in the coming
weeks.
The closing of the sale of GVT and of the 20% interest in
Numericable-SFR enables the Vivendi Management Board, in accordance
with its commitment, to authorize in principle the payment of two
interim ordinary dividends, each in the amount of €1 per share, in
respect of 2015.
The first interim dividend of €1 per share, to be paid out of
the retained earnings available on May 31, 2015, will be paid on
June 29, 20153. The second interim dividend, which would be taken
from distributable income thanks to the positive impact resulting
from the GVT and SFR disposals, subject to verification by the
Group’s auditors, is expected to be paid on February 3, 20164.
About Vivendi
Vivendi groups together leaders in content and media. Canal+
Group is the French leader in pay-TV, also operating in
French-speaking Africa, Poland and Vietnam; its subsidiary
Studiocanal is a leading European player in production,
acquisition, distribution and international film and TV series
sales. Universal Music Group is the world leader in music. Vivendi
Village brings together Vivendi Ticketing, Wengo (expert
counseling), Watchever (subscription video-on-demand) and the
Paris-based concert hall L’Olympia. www.vivendi.com.
Important Disclaimers
Cautionary Note Regarding Forward Looking Statements. This press
release contains forward-looking statements with respect to the
financial condition, results of operations, business, strategy,
plans and outlook of Vivendi, including the impact of certain
transactions and the payment of dividends and distributions as well
as share repurchases. Although Vivendi believes that such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance. Actual
results may differ materially from the forward-looking statements
as a result of a number of risks and uncertainties, many of which
are outside our control, including but not limited to the risks
related to antitrust and other regulatory approvals as well as any
other approvals which may be required in connection with certain
transactions and the risks described in the documents Vivendi filed
with the Autorité des Marchés Financiers (French securities
regulator), which are also available in English on Vivendi's
website (www.vivendi.com). Investors and security holders may
obtain a free copy of documents filed by Vivendi with the Autorité
des Marchés Financiers at www.amf-france.org, or directly from
Vivendi. Accordingly, we caution you against relying on forward
looking statements. These forward-looking statements are made as of
the date of this press release and Vivendi disclaims any intention
or obligation to provide, update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Unsponsored ADRs. Vivendi does not sponsor an American
Depositary Receipt (ADR) facility in respect of its shares. Any ADR
facility currently in existence is “unsponsored” and has no ties
whatsoever to Vivendi. Vivendi disclaims any liability in respect
of any such facility.
1 Based on the current value of the Vivo (Telefonica Brasil) and
Telecom Italia shares.
2 €300 million received in March and €800 million to be received
within five days after closing
3 An ex-distribution date of Thursday, June 25, 2015, and a
payment date of June 29, 2015.
4 An ex-distribution date of Monday, February 1, 2016, and a
payment date of February 3, 2016.
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